Following last month’s acquisition of a majority of its shares by Old Mutual Private Equity, Footgear is buying two divisions from the Edcon Group. The specialist footwear retailer has agreed to acquire the Edgars Active and High Key store chains from Edcon funded by an undisclosed amount of growth capital provided by OMPE.
Both chains will be rebranded to the Footgear brand, dramatically expanding the retailer’s network of 63 outlets to almost 200 stores, according to OMPE Investment Principal Chumani Kula who, along with colleagues Farhad Khan, Nazeem Mohamed and Ndumiso Zulu, led the deal. Footgear, which was founded in Cape Town in 2001, sells a wide range of branded sports performance footwear, sports-inspired lifestyle, casual and leisure footwear, and fashion and outdoor footwear to customers across South Africa, catering to many demographic segments.
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